Citi, BNP top lenders to Saudi groups says report
Riyadh, June 24, 2009
BNP Paribas and Citigroup figure among the biggest lenders to Saudi billionaire Maan Al-Sanea with a 16 percent share of $6.3 billion in syndicated loans to him and the Algosaibi family, Bloomberg News reported on Wednesday.
Both Algosaibi and Saad Group have said they are restructuring their debt, which totals around $10 billion, according to unconfirmed reports.
Bloomberg cited a list of 37 creditors that provided $5.6 billion to Saad Group, saying France's BNP loaned about $475 million to Saad Group and $47.5 million to Ahmad Hamad Algosaibi & Brothers Co (AHAB).
Citigroup loaned $500 million to Saad, the report said.
The third largest creditor is Jordan's Arab Bank with a $350 million loan to Saad and $40 million to Algosaibi.
Samba Financial Group is owed $300 million by Saad Group, Belgium's Fortis Bank loaned $250 million to Saad, and HSBC provided $200 million to Saad, Bloomberg said. - Reuters